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Editorial

Two years of uncertainty has not deterred homebuyers

Two years of uncertainty has not deterred homebuyers

Two years of uncertainty has not deterred homebuyers

The economic turmoil of the past two years has done little to deter people from buying a property, research suggests.

 

Buyers and sellers have had to navigate the uncertainty of a pandemic and cost of living crisis during a period that has been testing, to say the least.

A recent survey of 2,000 people found just 4% said it will take them longer to afford a house.
The poll found that 5% want to buy a house sooner.People’s finances have been affected more widely though, with 15% saying they have eaten into their savings over the past two years, 13% are building up their emergency fund and 11% are paying off debts.

Another 7% have changed job while 5% were either planning to retire earlier or later.

“Two years of turmoil has meant a change of plan for millions of people. But while some can afford to take positive steps because of the financial buffer they built during the pandemic, others have emerged from the crisis in a far worse financial position, and are having to change their plans to stay afloat.

“The past couple of years gave us an opportunity to think clearly about what we really want out of life, and the best way to achieve it, so as things opened back up again, plenty of people have made big changes.

“Some 7% have either changed jobs or plan to do so, and 5% want to work for themselves so they have more control over their working life.

“Our retirement plans have changed too – interestingly equally divided between the 5% who are planning to retire earlier and the 5% who are planning to retire later. In some cases, this is a deliberate plan because of the pandemic, including those who decided their home was their priority and others who saw hybrid working as an opportunity to work later.

“Some of these changes have been made possible because people were able to build their resilience during the pandemic, including the 13% who are building savings for emergencies and the 11% who are working to pay off their debts.”

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